Last week, the Commodity Futures Trading Commission (CFTC) ordered gambling site PredictIt to cease operations for not following its guidelines. Be[In]Crypto has rounded up some of the most important stories in the crypto industry from the past few days, in case you missed them.
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The gaming platform hits a brick wall
Leading political gambling platform PredictIt has been ordered by the CFTC to cease operations by February. The move comes after the regulator found that the platform had breached the terms of the agreement. The CFTC stated that the platform had violated the terms of the agreement by offering bets on the US election. The regulator said the platform had not complied with the rules set by the commission. The CFTC has not given an obvious reason for the ban on the gaming platform.
Prediction markets like PredictIt have gained the trust of political pundits and major news organizations, but the industry is met with a lot of cynicism from a cross-section of people. PredictIt has disputed the accusation, arguing that it has not breached the terms of its agreement.
Nepal Considers CBDC Launch
Nepal is looking forward to launching a digital currency as the Nepal Rastra Bank (NRB), the country’s central bank, has proposed an overhaul of the legislation governing its powers and responsibilities, allowing it to explore the possibilities of a CBDC. The central bank is taking a cautious approach as it looks to regulate digital currency. The move comes after the government of Nepal announced its plans to launch a digital currency.
Around the world, most countries are launching their own digital currency to keep up with the growth of the cryptocurrency market. The central bank is also working on a regulatory framework for the cryptocurrency industry. The move will help promote the use of digital currency in the country.
Nepal Rastra Bank has proposed a revision of the Nepal Rastra Bank Act, which will allow the central bank to regulate digital currency. The revision will also allow the central bank to issue a digital currency.
The central bank is also working on a regulatory framework for the cryptocurrency industry. The move will help promote the use of digital currency in the country. Nepal Rastra Bank has recommended a revision of the Nepal Rastra Bank Act, which allows the central bank to regulate digital currency.
On the technical side, Revati mentioned that the NRB will use a separate digital wallet for digital banking transactions and will “explore interoperability” with payment service providers.
Most central banks around the world have increased the pace of developing a digital version of their local currencies. At last count, over 100 countries have taken significant steps to establish their CBDCs, with Nigeria and the Bahamas among the pioneer countries.
The International Monetary Fund (IMF) argues that its existence is beneficial because of its potential to help people access financial services and reduce transaction costs.
Sanctions for crypto mining
Due to the rapid growth of crypto mining, most countries like the United States have come up with rules and regulations that govern the use of digital currency. This has led countries to come up with bodies that monitor the use of digital currency. An example of a sanctioning body is the US Securities and Exchange Commission (SEC). These bodies are responsible for sanctioning people who violate crypto mining laws. Last week, the US Treasury Department sanctioned the token mixing platform Tornado Cash.
This is after the group has been responsible for $7 billion in illicit money flows since its founding in 2019. Over $455 million stolen by the Lazarus Group, a North Korean hacking collective, was put through the mixer.
These sanctions come after funds from the recent June 2022 Horizon bridge attack and the recent Nomad heist were laundered through Tornado cash.
On Friday, the Dutch Crime Agency (FIOD) arrested a 29-year-old man in Amsterdam who is believed to be the creator of Tornado Cash, which the US Treasury Department just banned.
Countries like Iran have started importing goods in cryptocurrency. This has led to growing concern about the evasion of sanctions. The central banks of both countries have been working on a digital currency for some time now.
Sanctions have led to a reduction in digital currency crime. Most countries have introduced guidelines that help control and monitor the use of digital currency. The United States has also established a Financial Crimes Task Force, which helps investigate and prosecute people who violate laws on the use of digital currency.
Thailand is set to reform its crypto rules following the market route. The Thai Securities and Exchange Commission (SEC) is looking to revise its cryptocurrency rules following the market rout. The SEC is also working on a regulatory framework for the cryptocurrency industry. The move will help promote the use of digital currency in the country.
Due to sanctions, cryptocurrency has now been regulated in most countries around the world. Central banks have now been able to control digital currency. Financial institutions have also been able to monitor digital currency transactions. This has led to a reduction in the use of digital currency in criminal activities. Investors have also surged in the crypto market after crypto sanctions have been implemented in the crypto ecosystem.
The cryptocurrency has seen a positive turn after governments started implementing sanctions. This has led to certain countries investing in digital currency, where countries use digital tokens as legal tender. An example of a country that has made digital currency a legal tender is a country like El Salvador. The country has also seen an influx of investment in the digital space.
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